If you have a General Motors dealer near you go to their parts department and ask for a tube of Super Lube. It will run about 6.00. It is thick, white, and has a melting point of 450* as a bonus it is food safe so you can repack your Kitchen Aid mixer motor with it. I use it on all the machines I clean up.
Now - to ease your mind about the oil on your drive gear. The motor on a 301 is internal so it makes it difficult to get to if you want to repack the grease with fresh. If a little bit of oil works its way down the shaft into the grease cup on your machine all it will do is soften that 50 year old grease and give it some more life. You might find that your machine works a bit easier. Don't do it again, but you didn't kill your machine.

Tammi, I wasn't sure i could find where I read that about not using vaseline, but wahoo, here it is. Look 25% or so down the page to the tips from Sept 2012. I don't know anything about this particular person, but if she's teaching Featherweight Maintenance classes at Houston's international quilt festival, she must know something.

Ahh! See I've read that. She's talking about never putting Vaseline in the motor. 100% true. We were talking about the gears top and bottom of the machine itself.

Singer motors must always only have Singer Lube. no substitutions. That's what I said in my previous post, but it bears repeating.

Mitch's Mom,... I get my super lube from an "Industrial Supplies" place. Where the GM dealer is also probably getting it. I pay about $4 a tube, and that's Canadian dollars, so I'm guessing it would be about $3 for you.

The added benefit of the Super Lube is that like the TriFlow Grease, it also has PTFE (teflon)

If you have a General Motors dealer near you go to their parts department and ask for a tube of Super Lube. It will run about 6.00. It is thick, white, and has a melting point of 450* as a bonus it is food safe so you can repack your Kitchen Aid mixer motor with it. I use it on all the machines I clean up.
Now - to ease your mind about the oil on your drive gear. The motor on a 301 is internal so it makes it difficult to get to if you want to repack the grease with fresh. If a little bit of oil works its way down the shaft into the grease cup on your machine all it will do is soften that 50 year old grease and give it some more life. You might find that your machine works a bit easier. Don't do it again, but you didn't kill your machine.

Can you check your tube and let me know what the GM part number is? It's a lot easier to just quote a number than ask for a product.

Joe, I can give you the UPC code on it, as long as it's the same. My tube has a "Canadian Food Inspection Agency" disclaimer on it, so it may be different. 082353210305

The part number that I bought it by at Gregg Distributors is: 21030, which is the 7th through 11th numbers in the UPC code. 3oz tube. It's also the same number they show in their price chart below, but other than buried in the UPC, it's not on the tube.